The Eastern Company (EML) 10-Q 5 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 01, 2017	May 03, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	EASTERN CO
Entity Central Index Key	31,107
Current Fiscal Year End Date	--12-30
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		6,258,233
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 1, 2017

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)	Apr. 01, 2017	Dec. 31, 2016
Current Assets
Cash and cash equivalents	$ 23,581,301	$ 22,725,376
Marketable securities	215,923	0
Accounts receivable, less allowances: $389,000 - 2017; $430,000 - 2016	19,961,027	18,135,792
Inventories	32,505,203	34,030,286
Prepaid expenses and other assets	1,979,789	1,858,471
Total Current Assets	78,243,243	76,749,925
Property, Plant and Equipment	65,444,168	64,911,071
Accumulated depreciation	(39,643,872)	(38,745,557)
Property, Plant and Equipment, Net	25,800,296	26,165,514
Goodwill	14,827,388	14,819,835
Trademarks	170,037	166,312
Patents, technology, and other intangibles net of accumulated amortization	1,686,815	1,764,449
Deferred income taxes	4,420,289	4,532,361
Total Other Assets	21,104,529	21,282,957
TOTAL ASSETS	125,148,068	124,198,396
Current Liabilities
Accounts payable	7,964,163	7,048,174
Accrued compensation	1,820,392	3,112,404
Other accrued expenses	2,139,592	1,812,647
Current portion of long-term debt	714,285	892,857
Total Current Liabilities	12,638,432	12,866,082
Other long-term liabilities	288,805	288,805
Long-term debt, less current portion	714,286	892,857
Accrued other postretirement benefits	1,046,269	1,051,700
Accrued pension cost	26,445,249	26,631,438
Shareholders' Equity
Voting Preferred Stock, no par value: Authorized and unissued: 1,000,000 shares
Nonvoting Preferred Stock, no par value: Authorized and unissued: 1,000,000 shares
Common Stock, no par value: Authorized: 50,000,000 shares Issued: 8,952,961 shares in 2017 and 8,950,827 shares in 2016 Outstanding: 6,258,233 shares in 2017 and 6,256,098 shares in 2016	29,188,131	29,146,622
Treasury Stock: 2,694,729 shares in 2017 and 2016	(19,105,723)	(19,105,723)
Retained earnings	96,460,017	95,631,216
Accumulated other comprehensive income (loss):
Foreign currency translation	(1,693,110)	(2,165,081)
Marketable securities, net of tax	(1,451)	0
Unrecognized net pension and other postretirement benefit costs, net of taxes	(20,832,837)	(21,039,520)
Accumulated other comprehensive loss	(22,527,398)	(23,204,601)
Total Shareholders' Equity	84,015,027	82,467,514
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 125,148,068	$ 124,198,396

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)	Apr. 01, 2017	Dec. 31, 2016
Current Assets
Accounts receivable, allowances	$ 389,000	$ 430,000
Shareholders' Equity
Voting Preferred Stock, no par value (in dollars per share)	$ 0	$ 0
Voting Preferred Stock, shares authorized (in shares)	1,000,000	1,000,000
Nonvoting Preferred Stock, no par value (in dollars per share)	$ 0	$ 0
Nonvoting Preferred Stock, shares authorized (in shares)	1,000,000	1,000,000
Common Stock, no par value (in dollars per share)	$ 0	$ 0
Common Stock, shares authorized (in shares)	50,000,000	50,000,000
Common Stock, shares issued (in shares)	8,952,961	8,950,827
Common Stock, shares outstanding (in shares)	6,258,233	6,256,098
Treasury Stock, shares (in shares)	2,694,729	2,694,729

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended
	Apr. 01, 2017	Apr. 02, 2016
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) [Abstract]
Net sales	$ 36,043,295	$ 33,101,657
Cost of products sold	(27,755,136)	(26,681,211)
Gross margin	8,288,159	6,420,446
Selling and administrative expenses	(6,051,958)	(5,459,582)
Operating profit	2,236,201	960,864
Interest expense	(21,024)	(36,285)
Other income	19,653	21,374
Income before income taxes	2,234,830	945,953
Income taxes	717,689	297,880
Net income	$ 1,517,141	$ 648,073
Earnings per share:
Basic (in dollars per share)	$ 0.24	$ 0.10
Diluted (in dollars per share)	0.24	0.10
Cash dividends per share: (in dollars per share)	$ 0.11	$ 0.11

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)	3 Months Ended
	Apr. 01, 2017	Apr. 02, 2016
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) [Abstract]
Net income	$ 1,517,141	$ 648,073
Other comprehensive (loss) income:
Change in foreign currency translation	471,971	177,787
Change in marketable securities, net of tax benefit of: 2017 - ($792) 2016 - $ -	(1,451)	0
Change in pension and postretirement benefit costs, net of tax expense of: 2017 - $112,864 2016 - $233,167	206,683	424,531
Total other comprehensive (loss) income	677,203	602,318
Comprehensive income	$ 2,194,344	$ 1,250,391

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($)	3 Months Ended
	Apr. 01, 2017	Apr. 02, 2016
Other comprehensive (loss) income:
Change in marketable securities, income taxes expense (benefit)	$ (792)	$ 0
Change in pension and postretirement benefit costs, income taxes (expense)/benefit	$ 112,864	$ 233,167

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
	Apr. 01, 2017	Apr. 02, 2016
Operating Activities
Net income	$ 1,517,141	$ 648,073
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	955,614	928,136
Unrecognized pension & other postretirement benefits	127,926	851,929
(Gain)/loss on sale of equipment and other assets	33,098	19,780
Provision for doubtful accounts	6,381	0
Issuance of common stock for directors' fees	41,509	39,601
Changes in operating assets and liabilities:
Accounts receivable	(1,719,513)	(339,041)
Inventories	1,689,822	1,254,683
Prepaid expenses and other	(84,755)	(127,991)
Other assets	(35,208)	(19,977)
Accounts payable	901,500	(1,336,219)
Accrued compensation	(1,321,648)	(1,099,262)
Other accrued expenses	279,730	(161,982)
Net cash provided by operating activities	2,391,597	657,730
Investing Activities
Marketable securities	(215,923)	0
Purchases of property, plant and equipment	(487,169)	(338,270)
Net cash used in investing activities	(703,092)	(338,270)
Financing Activities
Principal payments on long-term debt	(357,142)	(714,285)
Dividends paid	(688,340)	(687,439)
Net cash used in financing activities	(1,045,482)	(1,401,724)
Effect of exchange rate changes on cash	212,902	(4,636)
Net change in cash and cash equivalents	855,925	(1,086,900)
Cash and cash equivalents at beginning of period	22,725,376	17,814,986
Cash and cash equivalents at end of period	$ 23,581,301	$ 16,728,086

Basis of Presentation

Basis of Presentation	3 Months Ended
	Apr. 01, 2017
Basis of Presentation [Abstract]
Basis of Presentation	Note A – Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by generally accepted accounting principles in the United States for complete financial statements. Refer to the Company’s consolidated financial statements and notes thereto included in its Form 10-K for the year ended December 31, 2016 for additional information. The accompanying condensed consolidated financial statements are unaudited. However, in the opinion of management, all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the results of operations for interim periods have been reflected therein. All intercompany accounts and transactions are eliminated. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. The condensed consolidated balance sheet as of December 31, 2016 has been derived from the audited consolidated balance sheet at that date.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Apr. 01, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Note B – Earnings Per Share The denominators used in the earnings per share computations follow: Three Months Ended April 1, 2017 April 2, 2016 Basic: Weighted average shares outstanding 6,256,496 6,247,760 Diluted: Weighted average shares outstanding 6,256,496 6,247,760 Dilutive stock options - - Denominator for diluted earnings per share 6,256,496 6,247,760

Inventories

Inventories	3 Months Ended
	Apr. 01, 2017
Inventories [Abstract]
Inventories	Note C – Inventories The components of inventories follow: April 1, 2017 December 31, 2016 Raw material and component parts $ 8,433,550 $ 8,829,236 Work in process 6,799,146 7,118,149 Finished goods 17,272,507 18,082,901 $ 32,505,203 $ 34,030,286

Segment Information

Segment Information	3 Months Ended
	Apr. 01, 2017
Segment Information [Abstract]
Segment Information	Note D – Segment Information Segment financial information follows: Three Months Ended April 1, 2017 April 2, 2016 Revenues: Sales to unaffiliated customers: Industrial Hardware $ 15,442,825 $ 14,591,513 Security Products 13,917,489 14,197,217 Metal Products 6,682,981 4,312,927 $ 36,043,295 $ 33,101,657 Income before income taxes: Industrial Hardware $ 566,792 $ 697,196 Security Products 994,437 1,128,196 Metal Products 674,972 (864,528 ) Operating Profit 2,236,201 960,864 Interest expense (21,024 ) (36,285 ) Other income 19,653 21,374 Income before income taxes $ 2,234,830 $ 945,953

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Apr. 01, 2017
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements	Note E – Recent Accounting Pronouncements In January 2017, the FASB issued ASU No. 2017-01, Business Combinations – Clarifying the Definition of a business. ASU 2017-01 provides guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or dispositions of assets or businesses. The amendment is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The amendment should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company is in the process of determining the effect that the adoption of ASU 2017-01 will have on the accompanying financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other: Simplifying the test for Goodwill Impairment. ASU 2017-04 provides guidance to simplify the subsequent measure of goodwill by eliminating Step 2 from the goodwill impairment test. The amendment is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The amendment should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period after January 1, 2017. The Company is in the process of determining the effect that the adoption of ASU 2017-04 will have on the accompanying financial statements. In February 2017, the FASB issued ASU No. 2017-06, Plan Accounting: Defined Benefit Pension Plans (Topic 960); Defined Contribution Pension Plans (Topic 962); Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting. ASU 2017-06 provides guidance for reporting by an employee benefit plan for its interest in a master trust. The amendment is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The amendment should be applied retrospectively with earlier application permitted as of the beginning of an interim or annual reporting period after December 15, 2018. The Company is in the process of determining the effect that the adoption of ASU 2017-06 will have on the accompanying financial statements. In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. ASU 2017-07 provides guidance to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost. The amendment is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The amendment should be applied retrospectively with earlier application permitted as of the beginning of an interim or annual reporting period after December 15, 2017. The Company is in the process of determining the effect that the adoption of ASU 2017-06 will have on the accompanying financial statements. The Company has implemented all new accounting pronouncements that are in effect and that could impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued, but are not yet effective, that might have a material impact on the consolidated financial statements of the Company.

Debt

Debt	3 Months Ended
	Apr. 01, 2017
Debt [Abstract]
Debt	Note F – Debt On January 29, 2010, the Company signed a secured Loan Agreement (the “Loan Agreement”) with People’s United Bank (“People’s”) which included a $5,000,000 term portion (the “Original Term Loan”) and a $10,000,000 revolving credit portion. On January 25, 2012, the Company amended the loan agreement by taking an additional $5,000,000 term loan (the “2012 Term Loan”). Interest on the Original Term Loan portion of the Loan Agreement is fixed at 4.98%. Interest on the 2012 Term Loan is fixed at 3.90%. The interest rate on the revolving credit portion of the Loan Agreement varied based on the LIBOR rate or People’s Prime rate plus a margin spread of 2.25%, with a floor rate of 3.25% and a maturity date of January 31, 2014. On January 23, 2014, the Company signed an amendment to its secured Loan Agreement with People’s which extended the maturity date of the $10,000,000 revolver portion of the Loan Agreement to July 1, 2016 and changed the interest rate to LIBOR plus 2.25%, eliminating the floor previously in place. On June 9, 2016, the Company signed a third amendment to its secured Loan Agreement which extended the maturity date of the $10,000,000 revolver portion of the Loan Agreement to July 1, 2018. The Company did not utilize the revolving credit facility during Fiscal 2016 or during the first three months of 2017. The Company has loan covenants under the Loan Agreement which required the Company to maintain a fixed charge coverage ratio of at least 1.1 to 1, and minimum tangible net worth of $55 million. In addition, the Company has restrictions on, among other things, new capital leases, purchases or redemptions of its capital stock, mergers and divestitures, and new borrowing. The Company was in compliance with all covenants in 2016 and for the three month period ended April 1, 2017. On April 3, 2017, the Company signed an amended and restated loan agreement (the “Restated Loan Agreement”) with People’s United Bank that included a $31 million term portion and a $10 million revolving credit portion. Proceeds of the loan were used to repay the remaining outstanding term loan of the Company (approximately $1,429,000) and to acquire 100% of the common stock of Velvac Holdings, Inc. (see Note M). The term portion of the loan requires quarterly principal payments of $387,500 for a two-year period beginning July 3, 2017. The repayment amount then increases to $775,000 per quarter beginning July 1, 2019. The term loan is a five-year loan with the remaining balance due on March 1, 2022. The revolving credit portion has a quarterly commitment fee ranging from 0.2% to 0.375% based on operating results. Under the terms of the Restated Loan Agreement, this rate will be 0.25% for the first six months. The revolving credit portion has a maturity date of April 1, 2022. On April 3, 2017, the Company borrowed approximately $6.6 million on the revolving credit facility. The interest rates on the term and revolving credit portion of the Restated Loan Agreement vary. The interest rates may vary based on the LIBOR rate plus a margin spread of 1.75% to 2.50%. The margin spread is based on operating results calculated on a rolling-four-quarter basis. The Company may also borrow funds at the lender’s prime rate. On April 3, 2017, the interest rate for one half ( $15.5 million) of the term portion was 2.98%, using a 1 month LIBOR rate and 3.15% on the remaining balance ($15.5 million) of the term loan based on a 3 month LIBOR rate. The interest rate on the first $5 million of the revolving credit portion was 2.98% with the remaining balance of approximately $1.6 million at 4.0%, the bank’s prime rate. The Company’s loan covenants under the Restated Loan Agreement require the Company to maintain a consolidated minimum debt service coverage ratio of at least 1.1 to 1 for periods through December 31, 2018 and 1.2 to 1 thereafter to be tested quarterly on a twelve-month trailing basis. In addition, the Company will be required to show a maximum total leverage ratio of 4.0x for periods through December 31, 2018, 3.5x for the period January 1, 2019 through December 31, 2019, 3.25x for the period January 1, 2020 through December 31, 2020 and 3.0x thereafter. On April 4, 2017, the Company entered into an interest rate swap contract with the lender with an original notational amount of $15,500,000, which is equal to 50% of the outstanding balance of the term loan on that date. The notational amount will decrease on a quarterly basis beginning July 3, 2017 following the principal repayment schedule of the term loan. The Company has a fixed interest rate of 1.92% on the swap contract and will pay the difference between the fixed rate and LIBOR when LIBOR is below 1.92% and will receive interest when the LIBOR rate exceeds 1.92%.

Goodwill

Goodwill	3 Months Ended
	Apr. 01, 2017
Goodwill [Abstract]
Goodwill	Note G – Goodwill The following is a roll-forward of goodwill from year-end 2016 to the end of the first quarter 2017: Industrial Hardware Segment Security Products Segment Metal Products Segment Total Beginning balance $ 1,760,793 $ 13,059,042 $ — $ 14,819,835 Foreign exchange 7,553 — — 7,553 Ending balance $ 1,768,346 $ 13,059,042 $ — $ 14,827,388

Intangibles

Intangibles	3 Months Ended
	Apr. 01, 2017
Intangibles [Abstract]
Intangibles	Note H – Intangibles The gross carrying amount and accumulated amortization of amortizable intangible assets: Industrial Hardware Segment Security Products Segment Metal Products Segment Total Weighted-Average Amortization Period (Years) 2017 Gross Amount Patents and developed technology $ 2,166,937 $ 1,046,299 $ -- $ 3,213,236 15.5 Customer relationships -- 449,706 -- 449,706 5.0 Non-compete agreements -- 407,000 -- 407,000 5.0 Intellectual property -- 307,370 -- 307,370 5.0 Total Gross Intangibles $ 2,166,937 $ 2,210,375 $ -- $ 4,377,312 12.3 2017 Accumulated Amortization Patents and developed technology $ 1,550,992 $ 615,671 $ -- $ 2,166,663 Customer relationships -- 202,368 -- 202,368 Non-compete agreements -- 183,150 -- 183,150 Intellectual property -- 138,316 -- 138,316 Accumulated Amortization $ 1,550,992 $ 1,139,505 $ -- $ 2,690,497 Net April 1, 2017 per Balance Sheet $ 615,945 $ 1,070,870 $ -- $ 1,686,815 2016 Gross Amount Patents and developed technology $ 2,159,060 $ 1,035,374 $ -- $ 3,194,434 15.6 Customer relationships -- 449,706 -- 449,706 5.0 Non-compete agreements -- 407,000 -- 407,000 5.0 Intellectual property -- 307,370 -- 307,370 5.0 Total Gross Intangibles $ 2,159,060 $ 2,199,450 $ -- $ 4,358,510 12.3 2016 Accumulated Amortization Patents and developed technology $ 1,529,675 $ 598,756 $ -- $ 2,128,431 Customer relationships -- 179,882 -- 179,882 Non-compete agreements -- 162,800 -- 162,800 Intellectual property -- 122,948 -- 122,948 Accumulated Amortization $ 1,529,675 $ 1,064,386 $ -- $ 2,594,061 Net December 31, 2016 per Balance Sheet $ 629,385 $ 1,135,064 $ -- $ 1,764,449

Retirement Benefit Plans

Retirement Benefit Plans	3 Months Ended
	Apr. 01, 2017
Retirement Benefit Plans [Abstract]
Retirement Benefit Plans	Note I – Retirement Benefit Plans The Company has non-contributory defined benefit pension plans covering certain U.S. employees. Plan benefits are generally based upon age at retirement, years of service and, for its salaried plan, the level of compensation. The Company also sponsors unfunded nonqualified supplemental retirement plans that provide certain current and former officers with benefits in excess of limits imposed by federal tax law. The Company also provides health care and life insurance for retired salaried employees in the United States who meet specific eligibility requirements. Effective for the Fiscal 2017 year expense, the Company changed the method used to measure Service Cost and Interest Cost for pension and other postretirement benefits for our plans. Previously, we measured interest costs utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligations. For 2017, interest costs will be measured by applying the specific spot rates along the yield curve to the plans’ corresponding discounted cash flows that comprise the obligation (i.e., the Spot Rate approach). The new method provides a more precise measurement of interest costs by aligning the timing of the plans’ discounted cash flows to the corresponding spot rates on the yield curve; the measurement of our pension and other postretirement benefit obligations is not affected. We have accounted for this change as a change in accounting estimate, which is applied prospectively. Consequently, combined pension expense for the Company’s pension plans and other postretirement plan under the Spot Rate approach for the three-month period ended April 1, 2017 is approximately $135,000 lower when compared to the prior approach. Significant disclosures relating to these benefit plans for the first quarter of fiscal 2017 and 2016 follow: Pension Benefits Postretirement Benefits Three Months Ended Three Months Ended April 1, 2017 April 2, 2016 April 1, 2017 April 2, 2016 Service cost $ 317,360 $ 813,005 $ 6,847 $ 10,750 Interest cost 791,057 766,580 20,207 20,500 Expected return on plan assets (1,195,895 ) (1,243,941 ) (12,874 ) (11,750 ) Amortization of prior service cost 36,438 50,143 (5,361 ) (6,000 ) Amortization of the net loss 307,870 627,055 (19,400 ) (13,500 ) Net periodic benefit cost $ 256,830 $ 1,012,842 $ (10,581 ) $ -- The Company’s funding policy with respect to its qualified plans is to contribute at least the minimum amount required by applicable laws and regulations. In 2017, the Company expects to contribute $700,000 into its pension plans and $103,000 into its postretirement plan. As of April 1, 2017, the Company has not made contributions into its pension plans and has contributed $45,000 to its postretirement plan and will make the remaining contributions as required during the remainder of the year. The Company has a contributory savings plan under Section 401(k) of the Internal Revenue Code covering substantially all U.S. non-union employees. The plan allows participants to make voluntary contributions of up to 100% of their annual compensation on a pretax basis, subject to IRS limitations. The plan provides for contributions by the Company at its discretion. This contribution rate is currently 50% of the first 6% of contributions by eligible participants. The plan also provides for a transitional credit ranging from 0% to 4% to certain eligible emplyees who were active participants of the Salaried Retirement Plan at the time that benefits under the plan were frozen in Fiscal 2016, and a non-discretionary 3% of contributions to all eligible employees. The Company made contributions to the plan as follows: For the Three Months Ended April 1, 2017 April 2, 2016 Regular matching contribution $ 116,475 $ 56,231 Transitional credit contribution 135,370 -- Non-discretionary contribution 307,568 51,470 Total contributions made for the period $ 559,413 $ 107,701 The non-discretionary contributions made in each of the periods disclosed above were expensed in the prior fiscal year.

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Apr. 01, 2017
Stock Based Compensation [Abstract]
Stock Based Compensation	Note J – Stock Based Compensation The Company accounts for its stock based awards in accordance with Accounting Standards Codification subtopic 718-10, Compensation (“ASC 718-10”), which requires a fair value measurement and recognition of compensation expense for all share-based payment awards made to its employees and directors, including employee stock options and restricted stock awards. The Company estimates the fair value of stock options granted using the Black-Scholes valuation model. This model requires the Company to make estimates and assumptions including, among other things, estimates regarding the length of time an employee will retain vested stock options before exercising them, the estimated volatility of our common stock price and the number of options that will be forfeited prior to vesting. The fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Changes in these estimates and assumptions can materially affect the determination of the fair value of stock-based compensation and consequently, the related amount recognized in the Company’s consolidated statements of operations. As of April 1, 2017, the Company had one stock option plan, the 2010 plan, for officers, other key employees, and non-employee directors. Incentive stock options granted under the 2010 plan must have exercise prices that are not less than 100% of the fair market value of the stock on the dates the options are granted. Restricted stock awards may also be granted to participants under the 2010 plan with restrictions determined by the Compensation Committee of the Company’s Board of Directors. Under the 2010 plan, non-qualified stock options granted to participants will have exercise prices determined by the Compensation Committee of the Company’s Board of Directors. No options or restricted stock were granted in the first quarter of 2017 or 2016. The 2010 plan also permits the issuance of Stock Appreciation Rights (“SARs”). The rights are in the form of an option with a cashless exercise price equal to the fair value of the Company’s stock at the date of grant. During the first quarter of 2017, the Company issued 62,000 SARs at an exercise price of $19.10. The SARs will vest over a three-year period and some are subject to meeting performance measurements. When exercised, the Company will issue shares of Company stock with a value equal to the difference between the closing stock price on the date of exercise and the exercise price of the SAR’s. Stock-based compensation expense in connection with SARs granted to employees and directors in the first quarter of Fiscal 2017 was approximately $7,000. As of April 1, 2017, there were 438,000 shares of common stock reserved and available for future grant under the above noted 2010 plan. Three Months Ended April 1, 2017 Year Ended December 31, 2016 Shares Weighted - Average Exercise Price Shares Weighted - Average Exercise Price Outstanding at beginning of period -- $ -- -- $ -- Issued 62,000 19.10 -- -- Outstanding at end of period 62,000 19.10 -- -- SARs Outstanding and Exercisable Range of Exercise Prices Outstanding as of April 1, 2017 Weighted- Average Remaining Contractual Life Weighted- Average Exercise Price $ 19.10 -- 4.8 $ 19.10 At April 1, 2017, outstanding and exercisable SARs had an intrinsic value of $0.

Income Taxes

Income Taxes	3 Months Ended
	Apr. 01, 2017
Income Taxes [Abstract]
Income Taxes	Note K – Income Taxes The Company files income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years before 2013 and non-U.S. income tax examinations by tax authorities prior to 2010. The total amount of unrecognized tax benefits could increase or decrease within the next twelve months for a number of reasons, including the closure of federal, state and foreign tax years by expiration of the statute of limitations and the recognition and measurement considerations under FASB Accounting Standards Codification (“ASC”) 740. There have been no significant changes to the amount of unrecognized tax benefits during the three months ended April 1, 2017. The Company believes that it is reasonably possible that the total amount of unrecognized tax benefits will not increase or decrease significantly over the next twelve months.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	3 Months Ended
	Apr. 01, 2017
Financial Instruments and Fair Value Measurements [Abstract]
Financial Instruments and Fair Value Measurements	Note L - Financial Instruments and Fair Value Measurements Financial Risk Management Objectives and Policies The Company is exposed primarily to credit, interest rate and currency exchange rate risks which arise in the normal course of business. Credit Risk Credit risk is the potential financial loss resulting from the failure of a customer or counterparty to settle its financial and contractual obligations to the Company, as and when they become due. The primary credit risk for the Company is its receivable accounts with customers. The Company has established credit limits for customers and monitors their balances to mitigate the risk of loss. At April 1, 2017 and December 31, 2016, there were no significant concentrations of credit risk. No one customer represented more than 10% of the Company’s net trade receivables at April 1, 2017 or at December 31, 2016. The maximum exposure to credit risk is primarily represented by the carrying amount of the Company’s accounts receivable. Interest Rate Risk On April 1, 2017, the Company has no exposure to the risk of changes in market interest rates as the interest rate on the outstanding term debt is fixed at 3.90%. Fair Value Measurements Assets and liabilities that require fair value measurement are recorded at fair value using market and income valuation approaches and considering the Company’s and counterparty’s credit risk. The Company uses the market approach and the income approach to value assets and liabilities as appropriate. There are no assets or liabilities requiring fair value measurements on April 1, 2017 or December 31, 2016 except for the marketable securities, a level 1 asset, which are immaterial to the total assets of the Company.

Subsequent Event

Subsequent Event	3 Months Ended
	Apr. 01, 2017
Subsequent Event [Abstract]
Subsequent Event [Text Block]	Note M – Subsequent Event On April 3, 2017, the Company entered into Securities Purchase Agreement (the “Securities Purchase Agreement”) with Velvac Holdings, Inc., a Delaware corporation (“Velvec”), and specific individuals (collectively, the “Sellers”). Pursuant to the Securities Purchase Agreement, the Company acquired 100% of the issued and outstanding stock of Velvec from the Sellers (the “Acquisition”) for $39.5 million and an earnout consideration contingent upon Velvac achieving minimum earnings performance levels and based on sales of Velvac’s new proprietary Road-iQ product line (the “Earnout Consideration”). Velvac is a premier designer and manufacturer of proprietary vision technology for original equipment manufacturers serving the heavy-duty and medium-duty truck, motorhome, and bus markets. Approximately two-thirds of Velvac’s sales are represented by proprietary mirrors and camera-enabled vision systems that provide substantial value to their customers. The remaining one-third of sales are represented by aftermarket components. Velvac recorded net sales of approximately $60 million for Fiscal year 2016. Velvac maintains manufacturing operations in Reynoso, Mexico and has distribution facilities at its headquarters in New Berlin, Wisconsin; in El Paso, Texas; Anaheim, California; and in Toronto, Ontario, Canada. Velvac also operates a facility in Bellingham, Washington in connection with the development of the new Road-iQ product line. On April 3, 2017, the Company signed an amended and restated loan agreement (the “Loan Agreement”) with People’s United Bank that included a $31 million term portion and a $10 million revolving credit portion. Proceeds of the loan were used to repay the remaining outstanding term loan of the Company (approximately $1,429,000) and to acquire 100% of the common stock of Velvac Holdings, Inc. The term portion of the loan requires quarterly principal payments of $387,500 for a two-year period beginning July 3, 2017. The repayment amount then increases to $775,000 per quarter beginning July 1, 2019. The term loan is a five-year loan with the remaining balance due on March 1, 2022. The revolving credit portion has a quarterly commitment fee ranging from 0.2% to 0.375% based on operating results. Under the terms of the Agreement, this rate will be 0.25% for the first six months. The revolving credit portion has a maturity date of April 1, 2022. On April 3, 2017, the Company borrowed approximately $6.6 million on the revolving credit facility. On April 4, 2017, the Company entered into an interest rate swap contract with the lender with an original notational amount of $15,500,000, which is equal to 50% of the outstanding balance of the term loan on that date. The notational amount will decrease on a quarterly basis beginning July 3, 2017 following the principal repayment schedule of the term loan. The Company has a fixed interest rate of 1.92% on the swap contract and will pay the difference between the fixed rate and LIBOR when LIBOR is below 1.92% and will receive interest when the LIBOR rate exceeds 1.92%.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Apr. 01, 2017
Earnings Per Share [Abstract]
Denominators used in the earnings per share computations	The denominators used in the earnings per share computations follow: Three Months Ended April 1, 2017 April 2, 2016 Basic: Weighted average shares outstanding 6,256,496 6,247,760 Diluted: Weighted average shares outstanding 6,256,496 6,247,760 Dilutive stock options - - Denominator for diluted earnings per share 6,256,496 6,247,760

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Apr. 01, 2017
Inventories [Abstract]
Components of inventories	The components of inventories follow: April 1, 2017 December 31, 2016 Raw material and component parts $ 8,433,550 $ 8,829,236 Work in process 6,799,146 7,118,149 Finished goods 17,272,507 18,082,901 $ 32,505,203 $ 34,030,286

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Apr. 01, 2017
Segment Information [Abstract]
Segment financial information	Segment financial information follows: Three Months Ended April 1, 2017 April 2, 2016 Revenues: Sales to unaffiliated customers: Industrial Hardware $ 15,442,825 $ 14,591,513 Security Products 13,917,489 14,197,217 Metal Products 6,682,981 4,312,927 $ 36,043,295 $ 33,101,657 Income before income taxes: Industrial Hardware $ 566,792 $ 697,196 Security Products 994,437 1,128,196 Metal Products 674,972 (864,528 ) Operating Profit 2,236,201 960,864 Interest expense (21,024 ) (36,285 ) Other income 19,653 21,374 Income before income taxes $ 2,234,830 $ 945,953

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Apr. 01, 2017
Goodwill [Abstract]
Roll-forward of goodwill	The following is a roll-forward of goodwill from year-end 2016 to the end of the first quarter 2017: Industrial Hardware Segment Security Products Segment Metal Products Segment Total Beginning balance $ 1,760,793 $ 13,059,042 $ — $ 14,819,835 Foreign exchange 7,553 — — 7,553 Ending balance $ 1,768,346 $ 13,059,042 $ — $ 14,827,388

Intangibles (Tables)

Intangibles (Tables)	3 Months Ended
	Apr. 01, 2017
Intangibles [Abstract]
Gross carrying amount and accumulated amortization of amortizable intangible assets	The gross carrying amount and accumulated amortization of amortizable intangible assets: Industrial Hardware Segment Security Products Segment Metal Products Segment Total Weighted-Average Amortization Period (Years) 2017 Gross Amount Patents and developed technology $ 2,166,937 $ 1,046,299 $ -- $ 3,213,236 15.5 Customer relationships -- 449,706 -- 449,706 5.0 Non-compete agreements -- 407,000 -- 407,000 5.0 Intellectual property -- 307,370 -- 307,370 5.0 Total Gross Intangibles $ 2,166,937 $ 2,210,375 $ -- $ 4,377,312 12.3 2017 Accumulated Amortization Patents and developed technology $ 1,550,992 $ 615,671 $ -- $ 2,166,663 Customer relationships -- 202,368 -- 202,368 Non-compete agreements -- 183,150 -- 183,150 Intellectual property -- 138,316 -- 138,316 Accumulated Amortization $ 1,550,992 $ 1,139,505 $ -- $ 2,690,497 Net April 1, 2017 per Balance Sheet $ 615,945 $ 1,070,870 $ -- $ 1,686,815 2016 Gross Amount Patents and developed technology $ 2,159,060 $ 1,035,374 $ -- $ 3,194,434 15.6 Customer relationships -- 449,706 -- 449,706 5.0 Non-compete agreements -- 407,000 -- 407,000 5.0 Intellectual property -- 307,370 -- 307,370 5.0 Total Gross Intangibles $ 2,159,060 $ 2,199,450 $ -- $ 4,358,510 12.3 2016 Accumulated Amortization Patents and developed technology $ 1,529,675 $ 598,756 $ -- $ 2,128,431 Customer relationships -- 179,882 -- 179,882 Non-compete agreements -- 162,800 -- 162,800 Intellectual property -- 122,948 -- 122,948 Accumulated Amortization $ 1,529,675 $ 1,064,386 $ -- $ 2,594,061 Net December 31, 2016 per Balance Sheet $ 629,385 $ 1,135,064 $ -- $ 1,764,449

Retirement Benefit Plans (Table

Retirement Benefit Plans (Tables)	3 Months Ended
	Apr. 01, 2017
Retirement Benefit Plans [Abstract]
Significant disclosures relating to benefit plans	Significant disclosures relating to these benefit plans for the first quarter of fiscal 2017 and 2016 follow: Pension Benefits Postretirement Benefits Three Months Ended Three Months Ended April 1, 2017 April 2, 2016 April 1, 2017 April 2, 2016 Service cost $ 317,360 $ 813,005 $ 6,847 $ 10,750 Interest cost 791,057 766,580 20,207 20,500 Expected return on plan assets (1,195,895 ) (1,243,941 ) (12,874 ) (11,750 ) Amortization of prior service cost 36,438 50,143 (5,361 ) (6,000 ) Amortization of the net loss 307,870 627,055 (19,400 ) (13,500 ) Net periodic benefit cost $ 256,830 $ 1,012,842 $ (10,581 ) $ --
Defined Contribution Plan	The Company made contributions to the plan as follows: For the Three Months Ended April 1, 2017 April 2, 2016 Regular matching contribution $ 116,475 $ 56,231 Transitional credit contribution 135,370 -- Non-discretionary contribution 307,568 51,470 Total contributions made for the period $ 559,413 $ 107,701

Stock Based Compensation (Table

Stock Based Compensation (Tables)	3 Months Ended
	Apr. 01, 2017
Stock Based Compensation [Abstract]
Stock appreciation rights activity	As of April 1, 2017, there were 438,000 shares of common stock reserved and available for future grant under the above noted 2010 plan. Three Months Ended April 1, 2017 Year Ended December 31, 2016 Shares Weighted - Average Exercise Price Shares Weighted - Average Exercise Price Outstanding at beginning of period -- $ -- -- $ -- Issued 62,000 19.10 -- -- Outstanding at end of period 62,000 19.10 -- --
Schedule of stock appreciation rights outstanding and exercisable	SARs Outstanding and Exercisable Range of Exercise Prices Outstanding as of April 1, 2017 Weighted- Average Remaining Contractual Life Weighted- Average Exercise Price $ 19.10 -- 4.8 $ 19.10

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended
	Apr. 01, 2017	Apr. 02, 2016
Basic [Abstract]
Weighted average shares outstanding (in shares)	6,256,496	6,247,760
Diluted [Abstract]
Weighted average shares outstanding (in shares)	6,256,496	6,247,760
Dilutive stock options (in shares)	0	0
Denominator for diluted earnings per share (in shares)	6,256,496	6,247,760

Inventories (Details)

Inventories (Details) - USD ($)	Apr. 01, 2017	Dec. 31, 2016
Components of inventories [Abstract]
Raw material and component parts	$ 8,433,550	$ 8,829,236
Work in process	6,799,146	7,118,149
Finished goods	17,272,507	18,082,901
Inventories, net	$ 32,505,203	$ 34,030,286

Segment Information (Details)

Segment Information (Details) - USD ($)	3 Months Ended
	Apr. 01, 2017	Apr. 02, 2016
Segment Reporting Information [Line Items]
Revenues, sales to unaffiliated customers	$ 36,043,295	$ 33,101,657
Operating Profit	2,236,201	960,864
Interest expense	(21,024)	(36,285)
Other income	19,653	21,374
Income before income taxes	2,234,830	945,953
Industrial Hardware [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues, sales to unaffiliated customers	15,442,825	14,591,513
Operating Profit	566,792	697,196
Security Products [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues, sales to unaffiliated customers	13,917,489	14,197,217
Operating Profit	994,437	1,128,196
Metal Products [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues, sales to unaffiliated customers	6,682,981	4,312,927
Operating Profit	$ 674,972	$ (864,528)

Debt (Details)

Debt (Details)	Apr. 04, 2017USD ($)	Apr. 03, 2017USD ($)	Jan. 23, 2014USD ($)	Jan. 29, 2010USD ($)	Sep. 30, 2019USD ($)	Apr. 01, 2017USD ($)	Jun. 30, 2019USD ($)	Jan. 25, 2012USD ($)
Velvac Holdings, Inc [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Percentage of common stock acquired		100.00%
Restated Loan Agreement [Member] | Maximum [Member]
Debt Instrument [Line Items]
Leverage ratio as multiple, through 2018						4
Leverage ratio as multiple, through 2019						3.5
Leverage ratio as multiple, through 2020						3.25
Leverage ratio as multiple, there after						3
Restated Loan Agreement [Member] | Subsequent Event [Member] | Minimum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio as multiple, 2018		1.1
Fixed charge coverage ratio as multiple, thereafter		1.2
Term Loan [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 5,000,000
Fixed rate of interest				4.98%
Term Loan [Member] | Forecast [Member]
Debt Instrument [Line Items]
Quarterly principal payment					$ 775,000		$ 387,500
Term Loan [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 31,000,000
Maturity date of loan		Mar. 1, 2022
Borrowing under credit facility		$ 1,429,000
Period for quarterly principal payment		2 years
Term of loan		5 years
Term Loan [Member] | Interest Rate Swap [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Fixed rate of interest	1.92%
Original notional amount	$ 15,500,000
Percentage of outstanding balance of term loan	50.00%
Term Loan [Member] | 1 Month LIBOR [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Fixed rate of interest		2.98%
Borrowing under credit facility		$ 15,500,000
Term of variable rate		1 month
Term Loan [Member] | 3 Month LIBOR [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Fixed rate of interest		3.15%
Borrowing under credit facility		$ 15,500,000
Term of variable rate		3 months
Revolving Credit Loan [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 10,000,000	$ 10,000,000		$ 10,000,000
Maturity date of loan			Jul. 1, 2016			Jul. 1, 2018
Revolving Credit Loan [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 10,000,000
Maturity date of loan		Apr. 1, 2022
Borrowing under credit facility		$ 6,600,000
Quarterly commitment fee percentage		0.25%
Commitment fee percentage for first six months		0.25%
Revolving Credit Loan [Member] | Subsequent Event [Member] | Minimum [Member]
Debt Instrument [Line Items]
Quarterly commitment fee percentage		0.20%
Revolving Credit Loan [Member] | Subsequent Event [Member] | Maximum [Member]
Debt Instrument [Line Items]
Quarterly commitment fee percentage		0.375%
Revolving Credit Loan [Member] | Velvac Holdings, Inc [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Borrowing under credit facility		$ 1,429,000
Revolving Credit Loan [Member] | Interest Rate Swap [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Fixed rate of interest	1.92%
Original notional amount	$ 15,500,000
Revolving Credit Loan [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			2.25%
Revolving Credit Loan [Member] | LIBOR [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Fixed rate of interest		2.98%
Borrowing under credit facility		$ 5,000,000
Revolving Credit Loan [Member] | LIBOR [Member] | Subsequent Event [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%
Revolving Credit Loan [Member] | LIBOR [Member] | Subsequent Event [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%
Revolving Credit Loan [Member] | Prime Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				2.25%
Floor rate of loan				3.25%
Revolving Credit Loan [Member] | Prime Rate [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Fixed rate of interest		4.00%
Borrowing under credit facility		$ 1,600,000
Revolving Credit Loan [Member] | Floor Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				2.25%
Floor rate of loan				3.25%
Loan Agreement [Member] | Minimum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio as multiple						1.1
Tangible net worth						$ 55,000,000
Term Loan 2012 [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity								$ 5,000,000
Fixed rate of interest						3.90%		3.90%

Goodwill (Details)

Goodwill (Details)	3 Months Ended
	Apr. 01, 2017USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 14,819,835
Foreign exchange	7,553
Ending balance	14,827,388
Industrial Hardware Segment [Member]
Goodwill [Roll Forward]
Beginning balance	1,760,793
Foreign exchange	7,553
Ending balance	1,768,346
Security Products Segment [Member]
Goodwill [Roll Forward]
Beginning balance	13,059,042
Foreign exchange	0
Ending balance	13,059,042
Metal Products Segment [Member]
Goodwill [Roll Forward]
Beginning balance	0
Foreign exchange	0
Ending balance	$ 0

Intangibles (Details)

Intangibles (Details) - USD ($)	3 Months Ended	12 Months Ended
	Apr. 01, 2017	Dec. 31, 2016
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	$ 4,377,312	$ 4,358,510
Accumulated Amortization	2,690,497	2,594,061
Net as per Balance Sheet	$ 1,686,815	$ 1,764,449
Weighted Average Amortization Period	12 years 3 months 18 days	12 years 3 months 18 days
Industrial Hardware Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	$ 2,166,937	$ 2,159,060
Accumulated Amortization	1,550,992	1,529,675
Net as per Balance Sheet	615,945	629,385
Security Products Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	2,210,375	2,199,450
Accumulated Amortization	1,139,505	1,064,386
Net as per Balance Sheet	1,070,870	1,135,064
Metal Products Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	0	0
Accumulated Amortization	0	0
Net as per Balance Sheet	0	0
Patents and Developed Technology [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	3,213,236	3,194,434
Accumulated Amortization	$ 2,166,663	$ 2,128,431
Weighted Average Amortization Period	15 years 6 months	15 years 7 months 6 days
Patents and Developed Technology [Member] | Industrial Hardware Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	$ 2,166,937	$ 2,159,060
Accumulated Amortization	1,550,992	1,529,675
Patents and Developed Technology [Member] | Security Products Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	1,046,299	1,035,374
Accumulated Amortization	615,671	598,756
Patents and Developed Technology [Member] | Metal Products Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	0	0
Accumulated Amortization	0	0
Customer Relationships [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	449,706	449,706
Accumulated Amortization	$ 202,368	$ 179,882
Weighted Average Amortization Period	5 years	5 years
Customer Relationships [Member] | Industrial Hardware Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	$ 0	$ 0
Accumulated Amortization	0	0
Customer Relationships [Member] | Security Products Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	449,706	449,706
Accumulated Amortization	202,368	179,882
Customer Relationships [Member] | Metal Products Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	0	0
Accumulated Amortization	0	0
Non-compete Agreements [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	407,000	407,000
Accumulated Amortization	$ 183,150	$ 162,800
Weighted Average Amortization Period	5 years	5 years
Non-compete Agreements [Member] | Industrial Hardware Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	$ 0	$ 0
Accumulated Amortization	0	0
Non-compete Agreements [Member] | Security Products Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	407,000	407,000
Accumulated Amortization	183,150	162,800
Non-compete Agreements [Member] | Metal Products Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	0	0
Accumulated Amortization	0	0
Intellectual Property [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	307,370	307,370
Accumulated Amortization	$ 138,316	$ 122,948
Weighted Average Amortization Period	5 years	5 years
Intellectual Property [Member] | Industrial Hardware Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	$ 0	$ 0
Accumulated Amortization	0	0
Intellectual Property [Member] | Security Products Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	307,370	307,370
Accumulated Amortization	138,316	122,948
Intellectual Property [Member] | Metal Products Segment [Member]
Gross carrying amount and accumulated amortization of amortizable intangible assets [Abstract]
Gross Amount	0	0
Accumulated Amortization	$ 0	$ 0

Retirement Benefit Plans (Detai

Retirement Benefit Plans (Details) - USD ($)	3 Months Ended
	Apr. 01, 2017	Apr. 02, 2016
Additional information [Abstract]
Reduction in pension expense	$ 135,000
Pension Benefits [Member]
Components of the net periodic benefit cost [Abstract]
Service cost	317,360	$ 813,005
Interest cost	791,057	766,580
Expected return on plan assets	(1,195,895)	(1,243,941)
Amortization of prior service cost	36,438	50,143
Amortization of the net loss	307,870	627,055
Net periodic benefit cost	256,830	1,012,842
Additional information [Abstract]
Contributions required by the Company in defined benefit plan	103,000
Postretirement Benefits [Member]
Components of the net periodic benefit cost [Abstract]
Service cost	6,847	10,750
Interest cost	20,207	20,500
Expected return on plan assets	(12,874)	(11,750)
Amortization of prior service cost	(5,361)	(6,000)
Amortization of the net loss	(19,400)	(13,500)
Net periodic benefit cost	(10,581)	$ 0
Additional information [Abstract]
Contributions required by the Company in defined benefit plan	700,000
Employer contributions made	$ 45,000

Retirement Benefit Plans, Defin

Retirement Benefit Plans, Defined Contribution Plan (Details) - USD ($)	3 Months Ended
	Apr. 01, 2017	Apr. 02, 2016
Defined Contribution Plan Disclosure [Line Items]
Total contributions made for the period	$ 559,413	$ 107,701
Regular Matching Contributions [Member]
Defined Contribution Plan Disclosure [Line Items]
Total contributions made for the period	116,475	56,231
Transitional Credit Contributions [Member]
Defined Contribution Plan Disclosure [Line Items]
Total contributions made for the period	135,370	0
Non-discretionary Contributions [Member]
Defined Contribution Plan Disclosure [Line Items]
Total contributions made for the period	$ 307,568	$ 51,470
Plan 401K Plan Original [Member]
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution percentage	50.00%
Plan 401 K Plan Amendment [Member]
Defined Contribution Plan Disclosure [Line Items]
Percentage of voluntary contributions allowed to participants, maximum	100.00%
Increase in employer matching contribution on first of total employee contributions, percentage	6.00%
Non-discretionary contribution percentage for employees who were not eligible to participate in the salaried plan	3.00%
U.S. Non Union Employees [Member] | Minimum [Member]
Defined Contribution Plan Disclosure [Line Items]
Non-discretionary contribution percentage for certain employees who were eligible to participate in the salaried plan	0.00%
U.S. Non Union Employees [Member] | Maximum [Member]
Defined Contribution Plan Disclosure [Line Items]
Non-discretionary contribution percentage for certain employees who were eligible to participate in the salaried plan	4.00%

Stock Based Compensation (Detai

Stock Based Compensation (Details)	3 Months Ended		12 Months Ended
	Apr. 01, 2017USD ($)Plan$ / sharesshares	Apr. 02, 2016$ / sharesshares	Dec. 31, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of plans that have shares reserved for further issuance | Plan	1
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of fair market value of stock on grant date for exercise price	100.00%
Stock Options [Member]
Number of Shares [Roll Forward]
Options granted (in shares)	0	0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted (in shares)	0	0
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Stock-based compensation expense | $	$ 7,000
Number of Shares [Roll Forward]
Outstanding at beginning of period (in shares)	0	0	0
Options granted (in shares)	62,000		0
Outstanding at end of period (in shares)	62,000		0
Weighted - Average Exercise Price [Roll Forward]
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 0	$ 0	$ 0
Issued (in dollars per share) | $ / shares	19.10		0
Outstanding at end of period (in dollars per share) | $ / shares	19.10		$ 0
SARs Outstanding and Exercisable [Abstract]
Range of Exercise Prices (in dollars per share) | $ / shares	$ 19.10
Outstanding as of April 1, 2017	0
Weighted- Average Remaining Contractual life	4 years 9 months 18 days
Weighted- Average Exercise Price (in dollars per share) | $ / shares	$ 19.10
Outstanding and exercisable, intrinsic value | $	$ 0
2010 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant (in shares)	438,000

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Apr. 01, 2017USD ($)
Income Taxes [Abstract]
Significant changes to the amount of unrecognized tax benefits	$ 0

Financial Instruments and Fai38

Financial Instruments and Fair Value Measurements (Details) - Customer	Apr. 01, 2017	Dec. 31, 2016	Jan. 25, 2012
2012 Term Loan [Member]
Interest Rate Risk [Abstract]
Fixed rate of interest	3.90%		3.90%
Credit Concentration Risk [Member]
Credit Risk [Abstract]
Number of customers that represented more than 10% of trade receivables	0	0

Subsequent Event (Details)

Subsequent Event (Details) - USD ($)	Apr. 04, 2017	Apr. 03, 2017	Jan. 23, 2014	Sep. 30, 2019	Apr. 01, 2017	Apr. 02, 2016	Dec. 31, 2016	Jun. 30, 2019	Jan. 29, 2010
Subsequent Event [Line Items]
Net sales					$ 36,043,295	$ 33,101,657
Term Loan [Member]
Subsequent Event [Line Items]
Maximum borrowing capacity									$ 5,000,000
Fixed rate of interest									4.98%
Term Loan [Member] | Forecast [Member]
Subsequent Event [Line Items]
Quarterly principal payment				$ 775,000				$ 387,500
Revolving Credit Loan [Member]
Subsequent Event [Line Items]
Maximum borrowing capacity			$ 10,000,000		$ 10,000,000				$ 10,000,000
Maturity date of loan			Jul. 1, 2016		Jul. 1, 2018
Velvac Holdings, Inc [Member]
Subsequent Event [Line Items]
Net sales							$ 60,000,000
Subsequent Event [Member] | Term Loan [Member]
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 31,000,000
Borrowing under credit facility		$ 1,429,000
Period for quarterly principal payment		2 years
Term of loan		5 years
Maturity date of loan		Mar. 1, 2022
Subsequent Event [Member] | Term Loan [Member] | Interest Rate Swap [Member]
Subsequent Event [Line Items]
Original notional amount	$ 15,500,000
Fixed rate of interest	1.92%
Subsequent Event [Member] | Revolving Credit Loan [Member]
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 10,000,000
Borrowing under credit facility		$ 6,600,000
Revolving credit portion commitment fee		0.25%
Maturity date of loan		Apr. 1, 2022
Subsequent Event [Member] | Revolving Credit Loan [Member] | Interest Rate Swap [Member]
Subsequent Event [Line Items]
Original notional amount	$ 15,500,000
Equal percentage of outstanding term loan	50.00%
Fixed rate of interest	1.92%
Subsequent Event [Member] | Revolving Credit Loan [Member] | Minimum [Member]
Subsequent Event [Line Items]
Revolving credit portion commitment fee		0.20%
Subsequent Event [Member] | Revolving Credit Loan [Member] | Maximum [Member]
Subsequent Event [Line Items]
Revolving credit portion commitment fee		0.375%
Subsequent Event [Member] | Velvac Holdings, Inc [Member]
Subsequent Event [Line Items]
Percentage of common stock acquired		100.00%
Purchase price of acquisition		$ 39,500,000
Percentage of proprietary mirrors and camera-enabled vision systems		66.66%
Percentage of aftermarket components		33.33%
Subsequent Event [Member] | Velvac Holdings, Inc [Member] | Revolving Credit Loan [Member]
Subsequent Event [Line Items]
Borrowing under credit facility		$ 1,429,000